AIChE Foundation Sets Policy for Endowments and Bequests

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August 30, 2013

To accommodate the wishes of donors who want to see their long-term financial support of AIChE used for specific projects and phil- anthropic endeavors, the Institute’s Board of Directors has approved a new AIChE Foundation policy pertaining to endowments and bequests. The policy formalizes several categories of sup- port under the endowment designation — one of several types of contributions that AIChE accepts from benefactors.

Endowment gifts will now be assigned to one of two categories:

permanently restricted funds — donations of at least $2,000 will be reserved for long-term Institute needs, as recommended by the AIChE Foundation’s Board of Trustees and approved by the Board of Directors

permanently restricted donor-designated funds — gifts of $50,000 or more can be dedicated by the donor to be used exclusively to support programs of the donor’s choice.

Thus, the new policy helps to identify a donor’s intentions when he or she makes a bequest or planned gift to AIChE. Previously, all gifts to the Foundation were assigned to a general fund to sustain critical programs that support the Institute’s ability to serve members and the profession at large.

Key objectives supported by Foundation funding include:

developing future leaders — through projects such as the Leadership Challenge, which cultivates young professionals as future leaders of the Institute and the profession

support for Grand Challenges — through the Center for Energy Initiatives, International Society for Water Solutions, and the BioCatalyst Fund

outreach to underrepresented communities — such as international students and science, engineering, technology, and math (STEM) programs

The AIChE Foundation’s Legacy Society recognizes the foresight and generosity of people who have given special gifts, endowments, and other forms of long-term financial support to the Institute. One recent Legacy Society inductee is John C. Tao, President of O-Innovation Advisors LLC (Allentown, PA). Tao, an AIChE Fellow and a recent Institute director, has named AIChE as a beneficiary of his charitable trust.